Published: 11th Apr, 2024
Context
The index of mineral production for the month of Feb 2024 was 139.6, which is 8.0% higher as compared to the level in the month of Feb 2023. The cumulative growth of this index for the 11-month period of April–Feb of FY24 over the corresponding period of the previous year was higher by 8.2%.
Key-highlights
- Some of the non-fuel minerals showing positive growth during the month of Feb 2024 as compared to the corresponding month of the previous year are Bauxite, Chromite, Copper Concentrate, Gold, Zinc Concentrate, Manganese Ore, Phosphorite, Diamond, Graphite (R.O.M.), Limestone, Magnesite, etc.
- Iron ore and Limestone together account for about 80% of the total MCDR mineral production by value.
- In the non-ferrous metal sector, production of primary Aluminium metal has increased.
Significance of the development
- India is the 2nd largest Aluminium producer, 3rd largest lime producer and 4th largest iron ore producer in the world.
- Healthy growth in production of iron ore and limestone reflect the robust demand conditions in the user industries viz. steel and cement.
- Coupled with the high growth in Aluminium, these growth trends point towards strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.
- With the launch of the National Mineral Policy 2019 and the Mines and Minerals (Development and Regulation) Amendment Act 2021, India presents a major opportunity for investors looking to invest in the metal industry in India.
- Important Government schemes: Production Linked Incentives (PLI) Scheme, Make in India Campaign, Smart Cities, Rural Electrification, and a focus on building renewable energy projects under the National Electricity Policy
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